What Is the Section 179 Deduction?

If you’re looking to enjoy a new vehicle that you use for your South Phoenix business, our experts can help you find something dependable that delivers plenty of versatility. One main advantage of purchasing a vehicle for business use is taking advantage of Section 179 deductions for taxes. But, what is Section 179? Section 179 allows your business to write off a certain amount of a vehicle’s purchase price from your taxable income.

This is a great advantage for many business owners as it allows them to enjoy some tax relief. However, there are some restrictions and regulations to be aware of with Section 179 so you’ll want to talk to a tax professional for more information. Do any of our new vehicles qualify for Section 179 tax deductions? Explore the Section 179 deduction vehicle list for 2022 and 2023 Chrysler, Dodge, Jeep, Wagoneer, and RAM models today with the finance experts at Bill Luke Chrysler Jeep Dodge Ram!

Who Qualifies for the Section 179 Deduction?

Before we touch on the vehicles that qualify for Section 179, who can qualify for it in the first place? There are some nuances with Section 179 so check with a tax professional if you qualify but the general idea is that most Glendale businesses that purchase, finance, or lease a new or pre-owned business vehicle can take advantage of Section 179 tax deductions. There are restrictions as far as spending limits, vehicle specifications, and vehicle usage so we recommend you talk with a trusted tax advisor for more information.

Section 179 Deduction Vehicle List: 2022 & 2023

There are many different types of vehicles that could qualify for the Section 179 deduction. Certain restrictions are in place for the Section 179 deduction so you’ll want to make sure the vehicle you’re looking for can qualify. Some restrictions require that the vehicle has a Gross Vehicle Weight Rating (GVWR) above 6,000 pounds and less than 14,000 pounds.

Other requirements could include a fully-enclosed driver’s compartment for the vehicle. It’s possible that a vehicle without these certain requirements could qualify for the tax deduction but you’ll want to confirm with your tax specialist before making your way from Laveen to our dealership. With that being said, here is the Section 179 deduction vehicle list for 2022 and 2023 Chrysler, Dodge, Jeep, Wagoneer, and RAM models that could qualify:

• Chrysler Pacifica
• Jeep Grand Cherokee
• Jeep Wrangler
• Jeep Gladiator
• Wagoneer
• Grand Wagoneer
• Dodge Durango
• RAM 1500 Classic
• RAM 1500
• RAM 2500
• RAM 3500
• RAM Chassis Cab
• RAM ProMaster City®
• RAM ProMaster®
• And potentially more!

Learn More About Section 179 Today With Bill Luke Chrysler Jeep Dodge Ram!

If you’re not sure about Section 179 and you still have some questions for our team, feel free to stop by in Phoenix for more information. You can also contact us online and we’ll be happy to go over the nuances of Section 179 so you can enjoy tax savings for your business!

The post What Is the Section 179 Deduction? appeared first on Bill Luke Chrysler Jeep Dodge Ram.

Source: Bill Luke CDJR